Buying a home has always been a massive decision and probably the biggest investment most of us will ever make. But with the property market becoming increasingly challenging for first time buyers, it’s a bigger undertaking than ever. “With any big decision it’s important to make sure you’ve considered all your options first and don’t jump into anything that you may end up regretting later, and that’s particularly true of purchasing a property” advises Fulham estate agent, Lawsons & Daughters.
With the average UK property price coming in at well over £300,000 it’s tempting to seek out a bargain instead. Sometimes it is possible to find a little gem that’s going for way less than the average market value, but more often than not there will be some work to be done. That’s great if you have cash to spare for renovations, but picking a bargain doesn’t always mean it’s going to be easy on the purse strings.
If you think you’ve found the perfect opportunity for less than the going rate, ask yourself some important questions first:
- Does this property really suit my needs? “It’s easy to get blindsided by an appealing price tag, but don’t stray too far from your original wish list if you can help it” suggest at M&M Property. If buying a bargain property means you’re having to make sacrifices elsewhere, you may well end up regretting it.
- Am I going to need to spend a lot of money to make it liveable? If you need to spend thousands of pounds to make your new property suitable for human habitation and you don’t have an unlimited supply of funds, the lower price is false economy. Seek independent advice and have a thorough survey conducted before making any major decisions.
- Do I feel safe in the local area? Often, bargain houses are cheaper because they’re in less desirable locations. You might find the perfect property to fit your personal style and taste, but if it’s in a neighbourhood where you’re in danger of being mugged every time you park your car it’s a no-no.
- Have I got the time to make it good? If you’re working full time and you’re looking after a family too all the “little” jobs that you need to do to a cheaper property might end up becoming unmanageable or never getting done at all. Be realistic about how your life works and what you need from a property- this is a long term commitment that should make your life easier, not more complicated and stressful.
“Everyone has a different idea of what they want out of a property, so what’s a huge problem for one person might be completely insignificant to another. The important thing is to ask yourself the right questions and be totally honest with yourself before signing up to something that just seems like a good deal” concludes Eden Harper.